Indonesia Tech Giants Gojek and Tokopedia Merge to Form GoTo Group, Eyes $35 Billion Future IPO
19th May 2021 | Singapore
Indonesia’s largest technology companies Gojek and Tokopedia will be merging to form the GoTo Group, creating one of the largest technology company in Southeast Asia alongside SEA (originally Garena) and Grab. The newly formed GoTo Group, now the largest technology company in Indonesia, is eyeing an IPO at the end of 2021 in both United States and Indonesia, with estimated market valuation of around $35 billion to $40 billion valuation. Before merger between 2019 to 2020, Gojek was valued at more than $10 billion and Tokopedia at more than $7 billion.
” Indonesia Tech Giants Gojek and Tokopedia Merge to Form GoTo Group, Eyes $35 Billion Future IPO “
The combined GoTo Group will have businesses ranging from e-commerce, ride-hailing, food delivery and financial services. In 2020, GoTo Group has more than 10 million monthly active users, total gross transaction value (GTV) over $$22 billion, and more than 2 million registered drivers and 11 million merchant partners.
Gojek co-CEO Andre Soelistyo will be the new Group CEO and Tokopedia President Patrick Cao will be the Group President. Kevin Aluwi will continue as CEO of Gojek and Wiliam Tanuwijaya will be the CEO of Tokopedia.
Gojek & Tokopedia Early Investors
Gojek was launched in 2015 with investors including Google, Facebook, Tencent, Paypal and Visa while Tokopedia was founded with 2009 and its investors includes Alibaba, SoftBank, Google, Sequoia Capital.
Combined, the GoTo Group have investors including Alibaba Group, Astra International, BlackRock, Capital Group, DST, Facebook, Google, JD.com, KKR, Northstar, Pacific Century Group, PayPal, Provident, Sequoia Capital India, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, Visa and Warburg Pincus.
Southeast Asia – SEA, Grab and Goto Group
Goto Group is now one of the top 3 technology companies in Southeast Asia alongside SEA (originally Garena), and ride-hailing & superapp Grab.
The 2 largest technology companies in Southeast Asia are internet & gaming company SEA (originally Garena), ride-hailing and superapp Grab. SEA is listed on New York Stock Exchange and has a market capitalization of $118 billion (19/5/21). In April, Grab announced plans to go public on Nasdaq at a $39.6 billion valuation in a merger with Special Purpose Acquisition Company (SPAC), Altimeter Growth Corp.
Southeast Asia, Indonesia
Southeast Asia has more than 650 million population and a combined GDP of more than $3.1 trillion. Indonesia has a GDP of more than $1 trillion, and has the 4th largest population in the world with 270 million.
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